Penguin International, the Singapore shipbuilding and marine services company, has reported a net loss of S$63.2 million (Dh182.7m) for last year.
The figures came after it lost two contracts with the Abu Dhabi National Oil Company (Adnoc) and wrote off losses from its involvement with The World islands project.
The company also disclosed that last month it sold its 75 per cent stake in a Dubai joint venture, Penguin Marine Services. The Demat Group, based in Sharjah, owned the remainder.
Penguin Marine had won an exclusive contract from Nakheel, the property company owned by Dubai World and the developer of the artificial islands off the coast of Dubai, to provide transportation and logistics support to the developers of the islands. The annual fee for the contract was the larger of either Dh5 million or 15 per cent of its profits, but with the onset of the property crash in Dubai it suffered losses.
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The situation spilled into the Dubai World Tribunal, set up to handle cases involving the conglomerate, last month. Penguin Marine had asked the Tribunal to waive its contractual right to pay the annual fee to Nakheel because the project was effectively "dead", but the three-judge panel refused the request.
In its financial statements, Penguin International said it had written off S$29.3m for "laid up vessels" and a provision for licence fees to Nakheel.
Penguin International was also hit by the cancellation of two ship-building contracts with Adnoc. It had been hired to build two safety standby rescue vessels, but the deal was terminated last summer.
That hit the company's revenues after having to reverse S$32.3m of revenue it had recognised previously as associated with the contract. It reported S$75.7m of revenue for last year, down 32.4 per cent from 2009.
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The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Racecard
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
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6.30pm: Chaddad
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8.15pm: Rafal
8.50pm: Yulong Warrior
9.25pm: Chiefdom
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Jeronim Perovic, Hurst
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Director: Tim Burton
Rating: 3/5
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SCORES IN BRIEF
New Zealand 153 and 56 for 1 in 22.4 overs at close
Pakistan 227
(Babar 62, Asad 43, Boult 4-54, De Grandhomme 2-30, Patel 2-64)